On Friday, March 15, 2024, Commodity Futures Trading Commission (“CFTC”) Market Risk Advisory Committee (“MRAC”) convened two roundtables in Washington DC....more
UK Chancellor launches consultation on the proposed Private Intermittent Securities and Capital Exchange System (PISCES) as part of the Spring Budget. On 6 March 2024, HM Treasury published a consultation paper seeking...more
On October 4, U.S. Attorney for the Central District of California Martin Estrada announced the formation of a new task force, the Corporate and Securities Fraud Strike Force....more
In last week's Cabinet News and Views, we examined the U.S. regulators' approach to the digital asset space, with a focus on the assertion of jurisdiction by the CFTC, the SEC, prudential regulators, state executive and...more
We highlighted in a recent post regulators’ clear intentions to bring greater order to the cryptocurrency industry this year. The last three weeks have demonstrated that private litigants are not waiting on regulators to rein...more
Financial institutions M&A sector trends: stock exchanges/trading venues — H1 2021 and outlook for H2 2021 - Global FMI juggernauts snatch up fund platforms, trading venues and data analytics providers, under the...more
THE CHALLENGE: In the emerging cryptocurrency space, most investors store their assets in digital wallets, where—unlike traditional bank accounts—they earn no interest. In the last few years, cryptocurrency investors have...more
Europcar Drives CDS Down a Familiar Path - When Europcar defaulted on its debt, buyers of approximately $100 million of credit default swap (CDS) protection expected significant payouts due to the anticipated low recovery on...more
Crypto-asset trading is a fast-growing part of the financial sector. Some countries have wholeheartedly embraced crypto-assets; others have been reticent to permit widespread adoption. Generally, countries have interpreted...more
New figures from the Congressional Budget Office predict that U.S. government debt will, thanks to the pandemic recession, just about eclipse the size of the nation’s GDP—a level not reached since just after World War II....more
United Airlines is preparing to furlough as many as 36,000 workers—“nearly 40 percent of its global work force”—if the travel industry remains weak as summer turns into fall. The October 1 cuts would coincide with the end of...more
On September 30, 2019, the Securities and Exchange Commission announced that blockchain developer Block.one had agreed to pay a $24 million fine to settle charges that it had engaged in an unregistered offering of securities...more
Talks between General Motors and the striking UAW broke down yesterday, threatening the progress the two sides “appeared to make in recent days,” a troubling sign as the strike heads into its 4th week....more
On June 26, the price of bitcoin surged to a 12-month high of nearly $13,900 (up about 35% on the month) before losing more than $1,700 in a span of 15 minutes, then rebounding slightly and closing the day at around $12,800....more
As widely expected, the Fed held rates steady when it wrapped its Open Market Committee meeting yesterday afternoon and deemed the economy “in good health,” laying the groundwork for another rate increase next month....more
As part of its Virtual Markets Integrity Initiative, on September 18, 2018, the New York Attorney General’s Office issued a report reviewing the platforms of various cryptocurrency exchanges. ...more
Hester Peirce Remarks at Cato Institute Conference - Hester Peirce made remarks at the Cato Institute’s Fintech Unbound conference on September 12, 2018. Commissioner Peirce commented that securities regulators are too risk...more
This is Part 3 of a seven-part series of posts looking at some broad legal issues affecting crypto-currencies. ...more
Previously, the Bats BZX Exchange, Inc. filed a proposed rule change with the Commission, seeking to list and trade shares of the Winklevoss Bitcoin Trust. The SEC Division of Trading and Markets disapproved the proposed rule...more
The cryptocurrency market is exciting to watch. Based on the revolutionary blockchain distributed ledger system, cryptocurrencies have exploded on the marketplace. As with any new “gold rush” to hit a market, cryptocurrency...more
While many traditional financial institutions hesitate to embrace cryptocurrencies such as bitcoin, a recent news report suggests that Fidelity Investments, the fourth largest U.S. asset manager, is looking to enter the fray....more
On April 17, 2018, the New York Attorney General’s Office (“OAG”) launched a Virtual Markets Integrity Initiative and sent letters to thirteen cryptoasset trading platforms requesting, through a questionnaire, disclosures on...more
Competition law questions are increasingly raised in the public debate about the blockchain technology. While there is yet to be any investigation in this field, the policy debate about applying competition law instruments to...more
On Feb. 6, Jay Clayton and Christopher Giancarlo, the chairmen of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), respectively, jointly testified before the Senate Banking...more